1. A set or bundle of undressed hides of young or small animals. One of the hides in a kip, specifically the skin of a bovine animal of the size between calf and a mature cattle and weighing between 16-25 pounds in green salted condition.
2. A name for the common tern.
3. Bed; sleep; to lie in bed; by extension, a boarding house, particularly a dilapidated one.
4. In gymnastics, a kip is a basic move in which one starts out in a horizontal position, usually with the feet up over the head, and, using primarily force from the hips, moves into a vertical position. On the floor (tumbling), you would lie on your back, feet up over your head, and push off with hands and hips, landing on your feet. On the rings (flying rings or still rings) or bars (high bar or parallel bars), you would be hanging by your hands, holding your body hanging horizontal, and twist your hips so that you rotate into a vertical position.
5. From the contraction of the words 'kilo' and 'pound', a unit of weight equal to 1000 pounds.
6. A small piece of wood from which pennies are tossed in the Australian game of two-up.
7. yclept reports that kip is also knitting inspeak for 'knitting in public'.
8., 9., 10., 11. and 12. Acronym for Kilopound, Key Influence People, Knowledge Is Power, Keep alone if possible, and Key Intelligence Position.
Thanx to Webster and Onelook.com for the obscure definitions and slang; thanx to Hartley D. Price et al. for their thankfully well-illustrated
Gymnastics and Tumbling -- I wish you could see it folks, it really helps explain what a kip is when you can see one.